There is an ongoing effort to modernize the Bank Secrecy Act (“BSA”), spanning multiple agencies. This alert is the first in a series discussing these efforts. This alert focuses on FinCEN’s April 2026 proposed program rule and its implications for financial institutions. Subsequent alerts will address the agency-specific rulemakings and related developments.
What to Know About the Proposed Rule
FinCEN’s proposed program rule places the onus on financial institutions to understand their money laundering and terrorism financing risks and tailor their compliance programs accordingly. The rule notes that the government will give deference to adequately risk-based determinations. At the same time, the Proposed Rule outlines enhancements that FinCEN expects financial institutions to implement as appropriate.
